Cash America International (NYSE: CSH) offers
secured non-recourse loans, known as pawn loans, through 501 locations in 22 states under the brand names Cash America Pawn and SuperPawn. Customers collateralize high-interest loans with such possessions as jewelry and electronics. If the loans aren't repaid, the firm sells the collateral in its stores. The company also offers short-term cash advances in many of its stores, including 292 locations that offer this service under the brand names Cash America Payday Advance and Cashland. Short-term advances are also offered over the Internet, to customers in the U.S. and the U.K. The firm provides check cashing services through 135 franchised and company-owned "Mr. Payroll" outlets.
Cash America pleased the Street earlier in the week, when it said that revenues from pawn loans, merchandise sales and on-line cash advances were expected to boost Q2 earnings above previous guidance. Management projected EPS of 62-64 cents, a range well above the 51-54 cents anticipated in April. The Street was looking for 53 cents.
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